Download Printable Article By Louis W. Pierro, Esq. Are you looking for new services to offer your estate planning clients? Have revenues recovered since the permanent $5 million estate tax exemption was enacted? Prepare your office for the age wave and build your practice using skills you already possess as an estate planner. Living longer and in greater numbers is only a piece of the aging puzzle. The way we age is about to undergo a radical transformation, as Baby Boomers begin to turn 70 in 2016 at the rate of 10,000 per day. How we die has also changed…
Traps of Swap Powers
Download Printable Article By Martin M. Shenkman, CPA, MBA, PFS, AEP, JD Swap powers have proliferated like Tribbles (you are a Trekkie aren’t you?). Most trusts that are created are structured to be grantor trusts so that the income is taxed to the settlor creating the trust. That continues to reduce the settlor’s estate by the tax paid on income inside the trust. Grantor trusts often include a swap or substitution power that permits the settlor to swap cash into the trust for appreciated trust assets. Swaps are a key to obtaining the new tax planning holy elixir of basis…
Open Another Office!
Download Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law You may be thinking I’m nuts. It may have taken you years of your blood, sweat, tears, time and money to get your current office up and running smoothly and profitably (or you’re still in the process of getting that done). So why would you want to open another office? There are lots of good reasons. Here are a few: Gain access to a larger audience of potential clients (particularly if your current market has a…
Innovative Changes to Nevada Decanting Statutes Effective 10/1/2015
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) There are 22 states that have statutes allowing the distribution trustee of an irrevocable trust to decant the trust. The trustee decants the trust by distributing the trust assets into a different trust with different terms for one or more of the same beneficiaries of the original trust. In most cases, this second trust is a brand new trust. Essentially, this gives the trustee a “do-over” to make changes to the trust terms that traditionally would not have been permitted prior to the ability to decant without a judicial modification….
7 Tips For Being the “Boss” of Your Boss
Download Printable Article By Kristina Schneider, Executive Assistant An executive assistant is probably one of the most important support staff members that any busy professional could possibly have, regardless of his or her profession. One of the things that we hear all the time from our boss, Phil Kavesh, is that his executive assistant is actually his boss. Of course, this doesn’t give us, as executive assistants, the same kind of “power” that a normal boss might have over an employee. What being the boss of your boss means is that you are supporting your boss and directing his or…
Harvesting Capital Losses
Download Printable Article By Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA The recent volatility in the stock market should reinforce the idea that it’s not what you earn that counts, but what you keep. In 2013 the top tax rate on dividends and long-term capital gains increased from 15% to 20%. When the 3.8% surtax on net investment income is added, the total tax rate on interest, rents, dividends, annuities, royalties, non-business capital gains and passive activities can increase the total tax rate to as much as 23.8% for long-term capital gains. Over time, taxes can have a profound…
50% OFF ALL ON-DEMAND PROGRAMS! EXPIRES AUGUST 31ST!
The Kids Are Going Back to School, And So Are You! (And Get a Special, Limited-Time Discount, Too!) The kids, whether young or college-age, might be getting ready to go back to school (or may have even started already), and there is no better time to get caught up on all of the latest estate, tax, and financial planning strategies and techniques out there right now. We know that you summer may have been a busy time for you and to help get you back into the groove of things, we want to offer you a very special opportunity to…
The GREAT Debate: The Client Maintenance Plan vs. The Free Service Package
Download Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law A growing number of estate planning attorneys have adopted client maintenance plans, where clients pre-pay a fee each year to obtain certain ongoing services. Theoretically, this is a great way for you to annuitize the value of your practice and create a “guaranteed” base income each year from your existing client base. I know of attorneys who do generate hundreds of thousands of revenue each year this way. But at what real cost? When evaluating a…
Release of 1st Annual Non-Grantor Trust State Income Tax Chart
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) The 1st Annual Non-Grantor Trust State Income Tax Chart is a two-page summary of the non-grantor trust state income tax rules in all states and Washington, D.C. The Chart can be accessed by clicking here. Each state and Washington, D.C. is listed in alphabetical order with the applicable statutory cite that is linked to the online taxing statute. Each jurisdiction’s taxing rules are described briefly so the user can generally know the rules without having to read through the entire statute. The online user should always click the link to…
Federal Income Tax Planning for Trusts
Download Printable Article By Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA Following the American Taxpayer Relief Act of 2012 (ATRA), federal income tax planning for trusts is more important than ever. A new 39.6% bracket was added for ordinary income and a new 20% bracket was added for long-term capital gains. Moreover, if the new 3.8% net investment income tax (NIIT) is factored in, the top tax rates are now as high as 43.4% for ordinary income and 23.8% for long-term capital gains. Fortunately, there are a number of tax planning strategies available. These include: (1) Shifting trust income to…